Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.14, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 8x in the Construction industry in Thailand. Total loss to shareholders of 58% over the past three years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: ฿0.06 (vs ฿0.06 in 1Q 2025) First quarter 2026 results: EPS: ฿0.06 (in line with 1Q 2025). Revenue: ฿632.0m (up 26% from 1Q 2025). Net income: ฿50.3m (up 6.2% from 1Q 2025). Profit margin: 8.0% (down from 9.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Board Change • May 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Thanya Kieatisarl was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 66% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.92, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 9x in the Construction industry in Thailand. Total loss to shareholders of 67% over the past three years. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 25x cash flows per share). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿2.37b market cap, or US$75.2m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.24 (vs ฿0.19 in FY 2024) Full year 2025 results: EPS: ฿0.24 (up from ฿0.19 in FY 2024). Revenue: ฿2.53b (up 33% from FY 2024). Net income: ฿197.2m (up 28% from FY 2024). Profit margin: 7.8% (down from 8.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Feb 27
TEAM Consulting Engineering and Management Public Company Limited Announces Resignation of Directors TEAM Consulting Engineering and Management Public Company Limited informed of the significant resolutions of the Company's Board of Directors Meeting No. 1/2026 held on February 24, 2026 at 10.30 hours. The following significant resolutions were passed: Acknowledge the resignation of General Wichien Sirisoonthorn, Independent Director, effective from the day following the 2026 Annual General Meeting of Shareholders, and acknowledge the resignation of Mrs. Suvimol Chrityakierne, Independent Director, effective from July 6, 2026 onward. Declared Dividend • Feb 26
Dividend increased to ฿0.16 Dividend of ฿0.16 is 14% higher than last year. Ex-date: 7th May 2026 Payment date: 29th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 8.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 25
TEAM Consulting Engineering and Management Public Company Limited announces Annual dividend, payable on May 29, 2026 TEAM Consulting Engineering and Management Public Company Limited announced Annual dividend of THB 0.1600 per share payable on May 29, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Announcement • Feb 24
TEAM Consulting Engineering and Management Public Company Limited, Annual General Meeting, Apr 29, 2026 TEAM Consulting Engineering and Management Public Company Limited, Annual General Meeting, Apr 29, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.03 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.03 in 3Q 2024). Revenue: ฿643.5m (up 46% from 3Q 2024). Net income: ฿47.2m (up 91% from 3Q 2024). Profit margin: 7.3% (up from 5.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (฿2.91b market cap, or US$90.0m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.033 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.06 (up from ฿0.033 in 2Q 2024). Revenue: ฿549.7m (up 24% from 2Q 2024). Net income: ฿47.2m (up 76% from 2Q 2024). Profit margin: 8.6% (up from 6.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 07
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ฿2.70. The fair value is estimated to be ฿3.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Jun 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to ฿2.72. The fair value is estimated to be ฿3.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • May 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.0% to ฿2.86. The fair value is estimated to be ฿3.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.052 in 1Q 2024) First quarter 2025 results: EPS: ฿0.06 (up from ฿0.052 in 1Q 2024). Revenue: ฿502.4m (up 22% from 1Q 2024). Net income: ฿47.4m (up 12% from 1Q 2024). Profit margin: 9.4% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock has risen 11% to ฿3.14. The fair value is estimated to be ฿3.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Announcement • Apr 29
Team Consulting Engineering and Management Public Company Limited Approves Dividend for the Year 2024, Payable on May 26, 2025 TEAM Consulting Engineering and Management Public Company Limited in its Annual General Meeting of Shareholders held on April 28, 2025 approved the dividend payment for the operating results of the year 2024 at the rate of THB 0.14 per share, totaling an amount not exceeding THB 114,506,226.52. The Record Date for determining shareholders entitled to receive the dividend is set on May 9, 2025, and the dividend payment at the rate of THB 0.14 per share is scheduled for May 26, 2025. Board Change • Apr 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Kittichai Triratanasirichai was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 31
Now 22% undervalued Over the last 90 days, the stock has risen 13% to ฿3.04. The fair value is estimated to be ฿3.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.26, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 13x in the Construction industry in Thailand. Total returns to shareholders of 19% over the past three years. Announcement • Mar 04
TEAM Consulting Engineering and Management Public Company Limited Announces Changes to Audit Committee TEAM Consulting Engineering and Management Public Company Limited announced the resignation of Gen. Wichien Sirisoonthorn as Chairman of the Audit Committee, effective December 6, 2024 and expire date on February 28, 2025. Terminate Reason: Resigned from position /the company due to Position Change: From Chairman of the Audit Committee to Audit Committee Member (while retaining the roles of Audit Committee Member and Independent Director for the remaining term). New election: Director Name: Mrs. Suvimol Chrityakierne. Position in company: Chairman of the Audit Committee. Effective Date: March 01, 2025. Position Change: From Audit Committee Member to Chairman of the Audit Committee (while retaining the roles of Audit Committee Member and Independent Director for the remaining term). Expired by rotation: Director Name: Mrs. SUVIMOL CHRITYAKIERNE. Position in company: Audit Committee. Effective Date: June 26, 1982. Expire Date: 28-Feb-2025. Terminate Reason: Resigned from position /the company due to Position Change: From Audit Committee Member to Chairman of the Audit Committee (while retaining the roles of Audit Committee Member and Independent Director for the remaining term). New election: Director Name: GEN. Wichien Sirisoonthorn. Position in company: Member of the Audit Committee. Effective Date: 01-Mar-2025. Position Change: From Chairman of the Audit Committee to Audit Committee Member (while retaining the roles of Audit Committee Member and Independent Director for the remaining term). The Audit Committee is consisted of: Mrs.Suvimol Chrityakierne, Chairman of the Audit Committee. ACMKONGSAK CHANTARASOPA, AUDIT COMMITTEE. GEN.Wichien Sirisoonthorn, Member of the Audit Committee. MISSPommara Patthanabhumthanint, SECRETARY OF THE AUDIT COMMITTEE. Remaining term in office (year) (for all): 1 Year 9 Month 21 Day. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.19 (vs ฿0.16 in FY 2023) Full year 2024 results: EPS: ฿0.19 (up from ฿0.16 in FY 2023). Revenue: ฿1.89b (up 12% from FY 2023). Net income: ฿154.5m (up 19% from FY 2023). Profit margin: 8.2% (up from 7.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿2.96, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 11x in the Construction industry in Thailand. Total returns to shareholders of 24% over the past three years. New Risk • Jan 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿2.31b market cap, or US$66.3m). New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.37b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (฿3.37b market cap, or US$99.8m). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ฿3.92, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 13x in the Construction industry in Thailand. Total returns to shareholders of 113% over the past three years. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.031 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03. Revenue: ฿447.8m (up 21% from 2Q 2023). Net income: ฿26.8m (up 6.2% from 2Q 2023). Profit margin: 6.0% (down from 6.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.48, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 19x in the Construction industry in Thailand. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.30, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 18x in the Construction industry in Thailand. Total returns to shareholders of 73% over the past three years. New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿2.62b market cap, or US$71.5m). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.051 in 1Q 2023) First quarter 2024 results: EPS: ฿0.05. Revenue: ฿416.7m (flat on 1Q 2023). Net income: ฿42.3m (up 2.3% from 1Q 2023). Profit margin: 10% (in line with 1Q 2023). New Risk • Apr 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.68b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.16 (vs ฿0.13 in FY 2022) Full year 2023 results: EPS: ฿0.16 (up from ฿0.13 in FY 2022). Revenue: ฿1.69b (up 2.8% from FY 2022). Net income: ฿129.6m (up 26% from FY 2022). Profit margin: 7.7% (up from 6.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
TEAM Consulting Engineering and Management Public Company Limited, Annual General Meeting, Apr 25, 2024 TEAM Consulting Engineering and Management Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:00 SE Asia Standard Time. Agenda: To Consider and certify the Minutes of the 2023 Annual General Meeting of Shareholders; to and acknowledge the Company's performance for the 2023; to Consider and approve the annual financial statements Ending 31 December 2023; to Consider and approve the allocation of net profits as legal reserves and omission dividend payment for the year 2023; to Consider and approve the election of directors in replacement of those who are retiring by rotation; to Consider and approve the remunerations of the Company's directors for the year 2024; to Consider and approve the appointment of the Company's Auditor and to fix the auditing fees for the year 2024 ending December 31, 2024; and to consider other issues. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.40, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 16x in the Construction industry in Thailand. Total returns to shareholders of 226% over the past three years. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.051 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.04 (down from ฿0.051 in 3Q 2022). Revenue: ฿446.9m (up 4.5% from 3Q 2022). Net income: ฿30.5m (down 27% from 3Q 2022). Profit margin: 6.8% (down from 9.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.007 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03 (up from ฿0.007 in 2Q 2022). Revenue: ฿382.9m (up 9.6% from 2Q 2022). Net income: ฿25.3m (up 346% from 2Q 2022). Profit margin: 6.6% (up from 1.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿6.70, the stock trades at a trailing P/E ratio of 43.5x. Average forward P/E is 11x in the Construction industry in Thailand. Total returns to shareholders of 327% over the past three years. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.022 in 1Q 2022) First quarter 2023 results: EPS: ฿0.05 (up from ฿0.022 in 1Q 2022). Revenue: ฿416.4m (flat on 1Q 2022). Net income: ฿41.3m (up 125% from 1Q 2022). Profit margin: 9.9% (up from 4.4% in 1Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿10.10, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 19x in the Construction industry in Thailand. Total returns to shareholders of 660% over the past three years. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.011 per share at 0.1% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 22 May 2023. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿9.90, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 21x in the Construction industry in Thailand. Total returns to shareholders of 389% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿12.20, the stock trades at a forward P/E ratio of 67x. Average forward P/E is 22x in the Construction industry in Thailand. Total returns to shareholders of 497% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.06 (vs ฿0.049 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.06 (up from ฿0.049 in 3Q 2021). Revenue: ฿427.8m (down 2.8% from 3Q 2021). Net income: ฿41.9m (up 25% from 3Q 2021). Profit margin: 9.8% (up from 7.6% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 95% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Chairman of the Board Rapee Phongbupakicha was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
DTX Co., Ltd agreed to acquire Asset Activator Company Limited from TEAM Consulting Engineering and Management Public Company Limited (SET:TEAMG) for THB3 million. DTX Co., Ltd agreed to acquire Asset Activator Company Limited from TEAM Consulting Engineering and Management Public Company Limited (SET:TEAMG) for THB3 million on November 14, 2022. The Company received 3 million Baht from the disposal on the asset which will be used as working capital. This transaction will be completed within December 2022. Announcement • Oct 13
TEAM Consulting Engineering and Management Public Company Limited Appoints Rapee Phongbupakicha as an Independent Director, Chairman of the Board of Directors, and Member and Chairman of the Audit Committee TEAM Consulting Engineering and Management Public Company Limited announced that the Board of Directors Meeting No. 8/2022 held on October 12, 2022 has approved the appointment of Mr. Rapee Phongbupakicha as an Independent director, Chairman of the Board of Directors, and member and Chairman of the Audit Committee in replacement of the vacant positions of Mr. Sanit Rangnoi who resigned the positions, effective from October 12, 2022 onwards. The newly elected directors shall have the term only as the remaining term of Mr. Sanit Rangnoi. Announcement • Oct 01
TEAM Consulting Engineering and Management Public Company Limited Announces Resignation of Sanit Rangnoi as Independent Director, Chairman of the Board of Directors, the Audit Committee and the Chairman of the Audit Committee, Effective October 1, 2022 TEAM Consulting Engineering and Management Public Company Limited announced that Mr. Sanit Rangnoi has submitted his resignation from the positions the Independent Director, Chairman of the Board of Directors, the Audit Committee and the Chairman of the Audit Committee due to his other business engagement caused him unable to perform any acts in such positions. The resignation will be effective from October 1, 2022 onwards. The Company shall conduct the nomination and appointment of qualified Director and Member of the Audit Committee as replacement of such vacant positions in due course. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 39% share price gain to ฿7.25, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 21x in the Construction industry in Thailand. Total returns to shareholders of 282% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿349.4m (down 8.9% from 2Q 2021). Net income: ฿5.66m (down 70% from 2Q 2021). Profit margin: 1.6% (down from 4.8% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 4.2%, compared to a 19% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 13
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ฿1.90b to ฿1.68b. EPS estimate fell from ฿0.21 to ฿0.16 per share. Net income forecast to grow 3.8% next year vs 50% growth forecast for Construction industry in Thailand. Consensus price target down from ฿3.80 to ฿2.90. Share price fell 8.7% to ฿5.80 over the past week. Board Change • Jun 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Suvimol Chrityakierne was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 14
TEAM Consulting Engineering and Management Public Company Limited Announces Executive Changes TEAM Consulting Engineering and Management Public Company Limited approved the appointment of Mr. Kittipol Bunnim as a member of the Nomination and Compensation Committee, effective from June 13, 2022 onwards, in replacement Mr. Issarin Patramai who has resigned from the Nomination and Compensation Committee. The newly appointed member of the Nomination and Compensation Committee shall have the term only as the remaining term of Mr. Issarin Patramai. Approval of the change of the Company's authorized signatories, effective from June 14, 2022 onwards, as the following details. Existing Mr. Chawalit Chantararat, Mr. Issarin Patramai, Mr. Aphichat Sramoon, Mr. Kittipol Bunnim, Mr. Prasong Wangrattanapranee any two out of five directors together jointly sign with the company's seal affixed. To Mr. Chawalit Chantararat, Mr. Aphichat Sramoon, Mr. Kittipol Bunnim, Mr. Prasong Wangrattanapranee, Mr. Amnat Prommasutra any two out of five directors together jointly sign with the company's seal affixed. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿8.25, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 25x in the Construction industry in Thailand. Total returns to shareholders of 358% over the past three years. Announcement • Jun 07
TEAM Consulting Engineering and Management Public Company Limited Announces Resignation of Issarin Patramai from A Position of Director of the Company, Effective from June 2, 2022 TEAM Consulting Engineering and Management Public Company Limited announced that Mr. Issarin Patramai has resigned from a position of director of the Company due to his other business engagement, effective from June 2, 2022, onwards. Announcement • May 31
TEAM Consulting Engineering and Management Public Company Limited Announces Resignation of Chana Poomee as Director, Effective June 1, 2022 TEAM Consulting Engineering and Management Public Company Limited announced that Mr. Chana Poomee, the Director, notified his intention to resign as a director of the company. His resignation will be effective from June 1, 2022, onwards. Reported Earnings • May 12
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: ฿0.03 (down from ฿0.031 in 1Q 2021). Revenue: ฿419.0m (up 5.7% from 1Q 2021). Net income: ฿18.4m (down 14% from 1Q 2021). Profit margin: 4.4% (down from 5.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿9.90, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 26x in the Construction industry in Thailand. Total returns to shareholders of 444% over the past three years. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.7%). Price Target Changed • Apr 27
Price target increased to ฿3.80 Up from ฿3.05, the current price target is provided by 1 analyst. New target price is 66% below last closing price of ฿11.30. Stock is up 367% over the past year. The company is forecast to post earnings per share of ฿0.21 for next year compared to ฿0.16 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Suvimol Chrityakierne was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 40% share price gain to ฿8.90, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 27x in the Construction industry in Thailand. Total returns to shareholders of 374% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 40% share price gain to ฿4.36, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Construction industry in Thailand. Total returns to shareholders of 136% over the past three years. Announcement • Feb 25
TEAM Consulting Engineering and Management Public Company Limited, Annual General Meeting, Apr 26, 2022 TEAM Consulting Engineering and Management Public Company Limited, Annual General Meeting, Apr 26, 2022, at 14:00 SE Asia Standard Time. Location: at TEAM Building, 2nd Floor, No. 151 Nuan Chan Road, Nuan Chan, Bueng Kum Bangkok Thailand Agenda: To consider and certify the minutes of the 2021 annual general meeting of shareholders held on April 29, 2021; to acknowledge the report on the company's operating results for the year ending December 31, 2021; to consider and approve the company's financial statements for the fiscal period ending December 31, 2021; to consider and approve the appropriation of profit as a legal reserve and declaration of dividends payment for the year 2021; to consider the election of directors in replacement of those who are retiring by rotation; to consider the remunerations of the company's directors for the year 2022; to consider the appointment of the company's auditor and to fix the auditing fees for the year 2022 ending December 31, 2022; to acknowledge the extension of time for the usage of fund raising through the sale of initial public offering; and to consider other business (if any). Announcement • Feb 24
Team Consulting Engineering and Management Public Company Limited Recommends Dividend Payment for the Year Ended December 31, 2021, Payable on May 25, 2022 TEAM Consulting Engineering and Management Public Company Limited at the board meeting held on February 23, 2022, recommended the declaration of the dividend payment of 2021 at the rate of THB 0.15 per share (before withholding tax) or the total of THB 102,000,000, which is 77.93% of the net profit of the separate financial statements for the year ended December 31, 2021. Such dividend payment is in accordance with the dividend payment policy and the Articles of Association of the Company. The Record Date for the right to receive the dividend will be on May 6, 2022 and the payment of dividend will be made on May 25, 2022. Provided always, that the right of receive dividends is still subject to the approval of the 2022 Annual General Meeting of Shareholders. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ฿0.16 (down from ฿0.18 in FY 2020). Revenue: ฿1.78b (up 4.0% from FY 2020). Net income: ฿111.5m (down 6.6% from FY 2020). Profit margin: 6.3% (down from 7.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 6.9%, compared to a 20% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.043 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿440.2m (up 1.6% from 3Q 2020). Net income: ฿33.5m (up 14% from 3Q 2020). Profit margin: 7.6% (up from 6.7% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Executive Departure • Sep 14
Non-Executive Director Wera Sutesopon has left the company On the 5th of September, Wera Sutesopon's tenure as Non-Executive Director ended after 39.2 years in the role. As of June 2021, Wera still personally held 16.21m shares (฿38m worth at the time). Wera is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.04 years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 21% share price gain to ฿2.76, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Construction industry in Thailand. Total returns to shareholders of 38% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.029 (vs ฿0.065 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿386.6m (down 12% from 2Q 2020). Net income: ฿18.6m (down 58% from 2Q 2020). Profit margin: 4.8% (down from 10.0% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.036 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿396.4m (down 8.1% from 1Q 2020). Net income: ฿21.4m (down 13% from 1Q 2020). Profit margin: 5.4% (down from 5.7% in 1Q 2020). The decrease in margin was driven by lower revenue. Upcoming Dividend • May 04
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 11 May 2021. Payment date: 28 May 2021. Trailing yield: 6.2%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (2.0%). Announcement • May 01
TEAM Consulting Engineering and Management Public Company Limited Approves Declaration of an Additional Dividend Payment for the Year 2020, Payable on May 28, 2021 The Annual General Meeting of Shareholders of TEAM Consulting Engineering and Management Public Company Limited held on April 29, 2021 has approved the declaration of an additional dividend payment for the year 2020 from the net profit of separate financial statements for six (6) months as from July 1, 2020 to December 31, 2020 at the rate of THB 0.05 per share (before withholding tax) to the Company's shareholders holding totaling of 680,000,000 shares, being the total amount of THB 34,000,000. The record date for the right to receive the dividend will be on May 12, 2021 and the payment of dividend will be scheduled on May 28, 2021. Is New 90 Day High Low • Mar 09
New 90-day high: ฿2.16 The company is up 2.0% from its price of ฿2.12 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 3.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.18 (vs ฿0.17 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿1.71b (down 7.1% from FY 2019). Net income: ฿119.4m (up 3.2% from FY 2019). Profit margin: 7.0% (up from 6.3% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Dec 21
New 90-day low: ฿2.04 The company is down 10.0% from its price of ฿2.26 on 22 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 9.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.04 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿433.3m (down 4.4% from 3Q 2019). Net income: ฿29.2m (down 34% from 3Q 2019). Profit margin: 6.7% (down from 9.8% in 3Q 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Nov 13
New 90-day low: ฿2.10 The company is down 9.0% from its price of ฿2.32 on 14 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 8.0% over the same period. 
